Fort Worth weekly gazette. [volume] (Fort Worth, Tex.) 1882-1891, 1887-04-29
MONEY HUNTING WORK.

MONEY HUNTING WORK.
There is beginning to be an abundance
of surplus capital in Chicago, partly
owing to the uncertainty of local invest
ments where there is much socialism and
labor disturbance, and while casting
about for an investment recently few
heavy capitalists decided TO form trust
company for the special purpose of max
ing farm loans upon Nebraska and Kan
sas lands, and marketing them in Chicago
and the east. But after making a search
ing investigation as to the number of such
companies doing business in the far west,
they have decided not to invest that way.
1t was found that there are 1874 compan-
les organized for making real estate loans
in Kansas and Nebraska alone, besides
county seat there is q large number of
agents who solicit farmers to take loans
upon their farms, showing how much
money can be made with the money thus
borrowed, and otherwise presenting in
ducements to the farmers to borrow.
There is such a fierce competition among
the agents that they often loan the farm
ers more than can ever be redeemed.
Some of the reports of those who
were asked for Internationally
being in every case the most
responsible parties at the various
county seats-reveGi a state of facts
worth consideration. Recently the
Chicago Inter Ocean published column
or more of replies to the question, "What,
in your opinion, is the largest per cent.
of the present selling value which any of
the said companies loan on farms?" and
it would be interesting to publish the en-
tire list. The statements are that some
agents loan nearly up to the present
value, some give IS per cent, some 80
per cent, very few so per cent. In re-
ply TO the question to the correspondents
as to what proportion of the improved
farms in their county was, in their opin-
a few replies:
Fifty per cent.
TWo-thirds.
One-hGlf to two-thirds.
Most all.
Nine-tenths.
About 70 per cent.
Nearly all.
Probably three-fourths.
Nine-tenths.
Three, quarters.
Two-thirds.
I should say at least nIne-tenths, pos
sibly Observation-Disclosures.
Nine-tenths.
On the average, according to these re
ports, certsinly 70 per cent. of the farms
in these counties are mortgaged. Anoth-
er question asked was: SIN case of
general failure of crops is there sufficient
accumulation of capital in the hands Of
your farmers so that they could purchase
the farms owned by those who were IN
able to pay in case of numerous fore
closures among those mortgaged?" The
general tenor of the replies to this ques-
ton was that there is little or no accumu-
letion of capital in the farmers hands,
and in case of failure of crops the loan
ers would either have to buy
the lands or pass the interest.
If there was organization of
Fort Worth's enterprise and pluck much
more of the money now seeking employ
ment might be attracted hither by our I'M
excelled opportunities for investment.
Some of it comes, but not all that might
be drawn here by systematic effort; and
there never will be system in our efforts
until our people have some means for
frequent interchange of ideas and for
discussion of projects for the common
good. We need board of trsde. We
need systematic effort to bring here
some of the money that is willing to ad-
vance from 70 to 80 per cent. on farm
loans in the western states.